Choosing the Right Business Entity Part II: Corporations and LLCs
Starting a business can be difficult; determining how to set up your business can be even more difficult. When planning to start a business, it is important to keep in mind if you’d like to enter into a venture with another person or if you’d like to start solo. The two most basic types of business, sole proprietorships, and partnerships were discussed in Part I of this article. In this part, we will discuss a type of business that you can start as an individual or with multiple owners and/or investors, namely corporations and Limited Liability Companies.
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Choosing the Right Business Entity Part I:
Sole Proprietorships and Partnerships
The decision to start a business isn’t something that is formed overnight; it takes a lot of thought and courage to decide to venture off on your own and create your own company. However, you can’t simply open up your doors the minute you come to the realization that you want to start your own business; there is a large gap in between the decision and opening day. Before you open your doors, you must determine what type of business you’d like to start.
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When secured creditors place an “all asset” agreement in their financing statement, they should be aware that less may be more. When First Niagara Bank supplemented the typical “all assets” language in its security agreement with a property description, the bank opened the door for some complex litigation.
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The Family and Medical Leave Act (FMLA) is a federal law which allows eligible employees who work at businesses with 50 or more employees, and select employees who work at governmental organizations or certain schools with less than 50 employees, to take 12 unpaid weeks from work for specific family issues, such as when a new baby is born or when a family member is ill. However, due to gaps in the federal program, only about 20 percent of new mothers are eligible under FMLA. The New York State Assembly has expanded the parameters of FMLA by passing the Paid Family Leave Act on March 17, 2015, which mandates pay for employees taking leave. The bill is pending in the State Senate.
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